What do partnership agreements generally specify?
A) the methods of taxation of each partner
B) the contributions of each partner
C) the percentage of revenue to be generated by each partner
D) the provisions for spouses and family to work in the partnership

Question

Quizplus · Accepted Answer

Partnership agreements generally specify the contributions of each partner, including financial contributions, responsibilities, decision-making powers, and obligations. They may also cover profit and loss distribution, dispute resolution, termination, and dissolution of the partnership. While taxation may impact partners, it is generally not specified in the partnership agreement, as it is subject to the relevant tax laws and regulations. The percentage of revenue generated by each partner would typically be determined based on the agreed contributions and profit-sharing arrangements, rather than explicitly specified in the agreement. Provisions for spouses and family members to work in the partnership may be included but are not typically a primary focus of the partnership agreement.

What Do Partnership Agreements Generally Specify